Wheat Futures Decline
On Disappointing News

CHICAGO -- Disappointment that Pakistan bought wheat from Australia instead of the U.S. sent wheat futures lower at the Chicago Board of Trade, market watchers said.

Pakistan purchased an entire 300,000 metric tons of wheat from Australia, when U.S. producers had expected a portion of the sale. The nearby CBOT March wheat contract dropped five cents to $2.5550 a bushel.